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Este artigo apresenta um modelo de Equilíbrio General Dinâmio Estocástico (dsge) no que se incluiu explicitamente a demanda de dinheiro, as decisões d investimento, o papel dos intermediários financeiros e o balanço do Banco Central. O modelo permite a avaliação do impacto de diversos choques exógenos sobre a atividade econômica e os níveis de preços. Também, permite avaliar diferentes formas de intervenção do banco central na economia, seja através da taxa de juros seja mediante a acumulação de reservas internacionais. Presta-se especial atenção ao parâmetro básico da função de utilidade dos lares (aversão ao risco, elasticidade de oferta laboral e demanda de dinheiro), à formulação adequada dos balanços dos agentes econômicos, e à relação entre o balanço do banco central e o fornecimento de dinheiro.

Jesús Alonso Botero García

Professor and researcher of the Economic Department of University EAFIT. Integrant of the Economic and Firm Studies (GEE) research group of University EAFIT.

Álvaro Hurtado Rendón

Professor and researcher of the Economic Department of University EAFIT Integrant of the Economic and Firm Studies (GEE) research group of University EAFIT.

Humberto Franco González

Professor and researcher of the Economic Department of University EAFIT. Integrant of the Economic and Firm Studies (GEE) research group of University EAFIT.

José García Guzmán

Professor and researcher of the Economic Department of University EAFIT. Integrant of the Economic and Firm Studies (GEE) research group of University EAFIT.

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